Thread by @yomeeks

This is your daily pension announcement: The how did AIMCO lose all that money edition? #ABLeg
Get the gory details here! #handsoffmypension

theglobeandmail.com/business/artic…

To be clear this is the right thing to do, hiring someone of Ms Zvan's expertise and an accounting firm to independently tally losses. A little belated by the AIMCO Board, but nonetheless the right thing to do. #ABLeg #wheredidallthatmoneygo

To quote the press release...

"Oversight of AIMCo’s investment strategies and risk management is the responsibility of the Board of Directors." Yup, it sure is.

Two weeks before this became public Kevin was going to all the different pension plans breaking the news. #ABLeg

So why they seemed so flat footed when this became public is beyond me. #ABLeg #handsoffmypension

BTW,if you can't fire your investment manager this is what happens. 👇 No questions are answered during meetings.

"After learning of the loss, many of AIMCo clients met with the fund’s executives and subsequently said they were frustrated with a lack of disclosure on who was responsible for the volatility-linked strategy and what... went wrong with risk management." #ABLeg #AIMCOfail

AIMCO clients have had their Q1 results for some time now. It would of been in the public interest to release them immediately. That interest seems to have taken a backseat. #ABLeg #handsoffmypension

Well this is interesting, Ms Zvan has not been hired. She is offering advice as a volunteer. I don't think straightening out AIMCO is a volunteer position. Can we please pay her? #ABLeg

We want to avoid another Peter Milburn situation. #milburned #ABLeg #performancereview